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I currently have 2 jobs - 1 clinical and 1 IT related. The clinical role pays well but stress levels are high. It is my career, I have done 2 degrees in it and reached a reasonably senior level. I am in the fortunate position now where I can leave that role and just continue with the IT role which is less well paid but considerably less grief, fully remote (and always will be) and is still new to me which I am enjoying.
18 months ago this would have been easy to do but now I'm stressing about what if I miss it (I've been doing it 23 yrs), I'll never get a job like this one again, I'm ending my career etc, etc, etc.
Am I alone is feeling this is a difficult decision or do I just need to MTFU a bit ?
A lot of people feel validated through work, need the social connection then there's the financial side... I packed in 4 years ago at 53. I always said 'time is the currency' , once you have enough cash to support your choice of lifestyle.
You never know what's around the corner. If you can do it financially and don't crave work related validation/social interaction. There's a world of stuff to get on with that is much more interesting and personally productive. Though many may feel Head of Paperclips at Bob's Tool & Pipe Works is the be all and end all, it really isn't. A few days after you've left, the Company continues as does the inane chatter and seemingly pointless toil...
I've had a couple of serious (life threatening) events since leaving and I'm pleased I was (and am) doing my stuff rather than my employers bidding. Again, you never know what's just around the corner...
Do it and Happy New Year to another newly ****less 🙂
2 jobs sounds like at least one too many if you can’t readily balance the pressures of both.
Consider what contributes to high stress in your clinical role. What can you do alone, with your manager(s), and with any coworkers to effect change for the better?
What will you miss about this job? What has changed over 23 years that keeps you interested in it?
I’m often reminded that there’s no shortage of work to do in my world. And that there is no shortage of jobs generally. Though also that once you’ve abandoned something to do other stuff you rarely go back. You might not miss it after all?
MTFU can be cover for a few things. Sure, sometimes it can all get a bit much but it gets better on the other side. For me where that shifts to ‘endless endurance of untenable conditions at work’ is where there is no prospect of an ‘other side’ despite having taken best efforts to effect change. In that latter case other changes need considering.
Sorry if this is a bit meandering - I just got up.
I had similar fears when I gave up work. But once I walked out the door I never thought about it again. It had been my life for a long time and I like to think I was successful but I don’t give it a second thought now. Makes me wonder if I was ever that passionate about it 🙂
I’ll never get a job like this one again
If you have experience, skills, some kind of reputation/evidence for being effective then this is a thought you can quell.
After nearly a year off (voluntarily) after redundancy I was concerned about the same thing. I needn’t have worried, once I’d spoken to a few folks it seemed there was too much opportunity and I was faced with choices.
Do whatever defines you. Not a judgement but work does define some people and that’s perfectly fine.
For me personally, work funds the lifestyle and experiences that define me and the family and as such is a necessary evil.
As I get older, we do have regular debates about just how much is enough and if I could retire tomorrow without sacrificing what we enjoy doing as a family, I would. Frankly if I could retire tomorrow without compromising rather than sacrificing too much I would. Unfortunately for us financially (and I wouldn’t change a thing), we had Solarider Jnr late in life, and that dictates my retirement more than my physical or mental readiness!
So, if work doesn’t define you and you have enough to do the things that do, retire. My only words of caution would be to ensure that you have enough to survive a long retirement in comfort. Having been through the exercise recently with a financial advisor, you need more than most people think and with an ageing population I don’t think we can rely on the state in the same way that we have done in the past.
My part time application was approved last week. Not putting my age here but if you were going to pigeon-hole me I'd use "geriatric millennial". I am very lucky from a financial perspective that I can do this, although the Government's wonky tax system hardly encourages extra work beyond a certain point.
As a couple we're the right age along with financially sound enough to get us both to death (in comfort).
My OH has had enough (senior job with a lot of stress across multiple time-zones) and is resigning in the new tax year, I was hoping to get finished a few months ago when my company did a re-org, but no... So I'm looking at going in a year or so.
Everyone is different, and has different circumstances - example a pal, same age as me lost his wife a couple of years ago; why he still works is beyond me. They didn't have kids, always well paid (including good pensions) and owes nothing plus owns a +£500k house. I keep pointing out to him he'll die rich with just the taxman/King benefitting but he points out "how would I fill my time?".
Me? I managed +150 rides last year, even while I worked a full-time (now WFH) job. Keep on top of our near acre garden and get away with the kids/grandkids etc. In fact I'm posting this from a posh cabin in the Highlands while away for New Year.
Your life, your choice - or as my Grandma use to say "it's not a dress rehearsal, it's your one life"
If you need the job to define your self-worth, then you'd better keep going till you drop.
If you need the job to bring in enough money to live, then you'd better keep going till you've saved enough, but at that point you can stop if you want.
Stopped working just shy of my 57th birthday. Had enough money to see us through and then our investments took a dive due to Covid and although largely recovered, it was a stressful time. I also struggled to overcome the guilt of not working. I had worked since I was 16 without any break other than holidays and like many was accustomed to getting up every day and going to work. I had senior IT jobs and although had some interest when I left my last role as IT director, I struggled to turn any of that "interest" into a job offer. Absolutely convinced the majority of the issue was ageism, My CV was excellent and even though I say it myself I was/am very marketable. I am sure my age held me back which (this sounds conceited) is a loss to the job market. Anyway thats the past.
I decided I was "retired" after about 12 months but then took another less senior job which only lasted 4 months. I was recruited to make large changes within a small business that it transpired did not really want to change... Shook hands and walked away.
The daily feelings of guilt have gradually subsided and non work things have expanded to fit. I have a grandson who I have a couple of times a week and run and walk and play my guitar (badly) daily, as well as read more and listen to music. I try to do more for family members and my wife is going through a difficult time with work and having the time to support her more than I would if I was still working is good.
I dont really miss work even though I was very fortunate to have a rewarding and well paid job which is more than the vast majority of people have. For many people stopping working means daytime TV and physical and mental decline. I try to cram a lot in and remain healthy and active and look forward to racing (running) into my 60's at least. It may not suit everyone so you have to decide whats best for you. I understand people who want to to continue to work as long as they can and wouldnt be judgemental however for many work is drudgery and who wouldnt want to be free of that.
Once tip I would give is know your finances. I have a mind for detail and a strong financial background and have modelled our expenditure to the £ until I expect to be pushing up daisies. I want to enjoy my time now and not when my health is declining and I am happy that we have the balance of higher expenditure for the next 3 years then costs fall off a cliff, declining expenditure after that until state pension kicks in, which will be helpful. Quite a large house that we will downsize from as eldest will move into her place next year and that should free up more cash, then plan on how we can pass on what we can. This year has been particularly shit as well as losing my elderly mother we recently lost once of our closest friends and my mate will live his retired years without her, he is absolutely bereft. Things like that tend to focus the mind.
I gave up a high paying role a couple of years ago. I had some of the same fears as you, but found that the savings I have to tide me over until I can claim my pension were sufficient, and there is a lot of paid consultancy/teaching work suitable for me (I keep having to turn work down now) and there is plenty to fill my time.
Most iportantly I am less stressed, sleep well, have lost weight...all indicators that the high powered job was taking its toll on my life. Only you can decide if the high salary is worth that. I dont think it was for me.
The "time as a resource" is key here. Decide where you're happier spending that time. Thinking of leaving corporate sales I recently spotted a high end Watch Sales / Concierge role. I doubt it pays as much but I'd get to combine a hobby, a job and learn a lot more about the former than I do on Youtube. Just a thought / minor example.
If you can afford it dropping one job is a good starting point. After working full time for decades I now work 3 days a week. Works for me. I have also been able to take months off at a time to go cycling.
My part time job is no stress and I enjoy the social contact. When I stopped working completely for 8 months in my early 50s I got a bit bored after 6 months. When I started part time work I enjoyed the feeling of having days off rather than being off all the time.
It helps that my shift patterns are irregular so I get regular full weeks off. I never feel I lack time to do anything I want to do.
I just told my boss the other day I wanted to step down from my senior manager role to a more junior one. The last year my health has really suffered due to the stress of work and with what is coming work wise I said I am no longer able to deliver what is required with the support I have (or don’t have). A few other things were said that I probably shouldn’t have said but hey ho it will of cleared the air and left him in no doubt how I feel. Unlike others, I did not feel good/ a weight was lifted after making the decision. I have been my entire working life with the one company and the last 14 years in this role so it’s all I know. I will wait and see what role is offered to me/financial implications and take it from there. I only have 3 years left on mortgage and 4 to my semi retirement plan so whatever happens I should be ok. I just feel at this stage I need to look after my health, not the company.
I spent ages deciding whether to retire, and then planning to do it the "right way" so I didn't stiff my colleagues etc. Now I'm wondering why I bothered - I've effectively lost at least part of one summer, and Ive not given a second thought to all the things that seemed so important at work.
On another thread I posted something that I'd heard - "you don't defer your retirement, you lose it". You are effectively a ticking time bomb, you don't know what's around the corner or how long you've got to keep doing what you enjoy.
Furlough gave me an all-too-brief insight into retired life. It was great. Work is purely something for me to get money and if I had enough money I wouldn’t work, it’s that simple for me.
I happily filled my furlough days being a house-husband with a sideline in fixing neighbour’s bikes. I cooked new things, rode my bikes in new places, enjoyed the days when my wife and kids weren’t working because the housework was done so we could go out and play. <br />If I could I’d do more voluntary work and be chilled. My wife is the ambitious one and I can’t wait for her hard work to pay off with enough of a wage that I can quit - she is more than happy for that to happen too!
However important you think your job is, and your contribution to it is, you are wrong.
No, really, you are wrong.
When you leave, if you are lucky some people may vaguely wonder where you are for a few days, then they'll forget you ever existed. The company will continue just as before.
It's polite to give reasonable notice and arrange any hand-over but that's a matter of contractual obligations and just means giving proper notice, it doesn't mean not retiring!
If you need your work to define you, get a hobby or volunteer at something. It's certainly good to have some social interaction.
I've got 6.5 years to go for retirement and am planning for it, including possibly 5years living in Europe. Horribly part of it has to take in the loss of parents. I'll go at 60 just because pensions dictate that.
I have a few friends who have pretty serious health issues, one had a pretty serious stroke 6 weeks ago, but are talking about going to 67, which to me is nigh on suicidal. That statement about not deferring retirement but losing it rings true.
Retired 3 years ago at 51. Never looked back. Never been as fit, happy and stress free. Not for everyone but if you can and prepare it well, give it a go. You can always change your mind and go part time.
4 weeks in the Canaries in January at silly cheap money is one of the perks.
What approx size pension pot are folks retiring early with ?
I am less than 2 years from being 60. At that point I will ask to go part time - pointlessly I think, but may be I will be surprised. If the answer is no - I'm off. I've always worked so a little scared of a sudden change to retirement hence the part time gradual approach - phasing down.
I've seen too many senior professionals keel over or develop life shaping (restricting) health conditions. The worry is I see these ill health trends happening to senior professions in there 30's and 40s - rather than their 50's and 60's.
I'm 53 and, with the exception of 6 weeks unpaid leave to do a ski season, I've worked full time since 18. I think it might be more the fear of the unknown that is making this such a tough decision (and the emotional rollercoaster that is the menopause).
My OH has been meticulous in the financial planning of our later years and I could afford to give up both jobs. My reasons for continuing with one is that it is new and interesting, I really like the team I work with and is fully remote which is a godsend with puppy raising for guide dogs. I think it will also ease me into the idea of retirement rather than going from stressed/busy to no structure at all.
@iainc - combined pots are 1.12million excluding the house. Not sure how that compares in the great scheme of things, like anything, people will have more and others will have less. I think it's enough for our plans, fingers crossed
iainc
Full Member
What approx size pension pot are folks retiring early with ?
a very small one.
you do not need lots of money to be a rich man.
What approx size pension pot are folks retiring early with ?
What you need is a very personal thing so it may be a bit like knowing a peers salary. It may demotivate you. Think hard about your outgoings and what you want/expect to do in retirement. Its easy to then repeat that year after year, removing costs and adding income streams like pensions etc. Remember to plan for things that will finish but then restart later such as car payments. I can see my income stream changing every year and estimate my outgoings very accuratley, building in estimates for some inflation and tax on income etc. You should come to a number then (for me) start to be realistic about how much you will need post 70/75 for example. My late mums income stream was quite high whilst she suffered with Dementia for some years, her quality of life was very poor. I want to make sure I have spent my money and liquidated my assets as much as possible to my children by then. She lost everything through care home costs.
You may also need a lot less than you think you do. Part of your current costs are the costs of being at work. Clothing, food, travel, perhaps a second car etc. Once you're mortgage free, have no loans or credit cards to clear, you're talking about food, bills, holidays, bikes, entertainment and clothing. You'll need the odd other thing like cars, servicing, insurance, replacing broken/worn out stuff etc but your living expenses can be a lot less than you expect.
Obviously if you choose 5* hotels, 3* restaurants and first class travel, your costs will be higher than not doing that. Only you can decide what you're likely to need for a satisfactory standard of living. My current income is a lot less than I earned and I've not consciously scrimped on anything since stopping work. One of the pitfalls of financial planning is you think you'll need what you earn now plus n% increase every year plus plus until morte. You fail to recognise your expenses, expectations and ability to spend decline over time.
I retired at 53, 5 years ago for many of the reasons listed above. You can't predict what's going to happen but my super healthy 47 year old wife died 12 months ago quite suddenly. Although devastating, I also feel very fortunate to have had 4 years of living in each others pockets - before that I was a workaholic and we would never of had that time together. And I'm very grateful to the person that sowed the seed of early retirement
I have arrived at this point. Almost 60. Going part time (3 days) from 1st Feb. I could just 'drop the mic' and go but consciously decided to ease into it, if the employer was OK. Lets see how this goes.
I do a sh!t load of volunteering on the biking side of things from coaching/leading to trail building, etc so wont be stuck for something to do.
The bottom line is that life is too short and I've worked hard. I see friends and acquaintances hit health issues and worse. I've got my financial ducks in a row so its now waiting on Mrs S (maybe😉 ) before I finally pull the rip cord.
I would definitely advise to don't hold off. No one will thank you for working on.
However important you think your job is, and your contribution to it is, you are wrong.
No, really, you are wrong.
When you leave, if you are lucky some people may vaguely wonder where you are for a few days, then they’ll forget you ever existed. The company will continue just as before.
So true. Even if it all collapses and goes wrong people will muddle along. It turns out they probably care less that you do
When our new CEO joined and started booting people out who had held things together during our roughest times I decided it was really time to go. I've been largely work free since November and loving it. Haven't allowed my time to be filled up with similar voluntary stuff, just spending time working out which direction I want to go and chopping wood. I'm seeing lots of people's health start to deteriorate in their 70s so I would love 10 years of good health and fun before things start to go south
Thanks for the honest thoughts re pot size. I’ll be 58 in a few months and we have just this month cleared the mortgage so it’s something we are thinking more about. I suspect once the youngest is through further education in a few years the time will be upon us.
Maybe it is a given on this particular thread and the stories being shared, but I'm not hearing much about kids and families, just partners etc- which is interesting.
One of the things that is key in my thinking about retirement is whether I'll need to support / assist my kids. They'll be teenagers when I'm 50, young adults when I'm 60. It seems really hard to predict whether they'll still need me, financially, at that point.
Could be that I'm being too soft, give em a latch key and let them work it out, etc. But getting started in life doesn't look like it's getting any easier, so I can conceive of scenarios where I'm still supporting in some way, beyond being a babysitter (and no guarantee they'll be nearby, so 'time rich' only goes so far).
That's the thing that would keep me in work longer - helping them. If I didn't have kids, I'd be making changes way earlier. Just interested if all the above (sensible) thoughts also factor that kind of thing in?
Edit - just been mentioned above before I posted!
No financial dependants in my scenario. Obviously if there are, retirement income needs to reflect that. This is also true of any other specific post retirement requirements - coke/hookers etc. This is why only the OP can estimate their £'s per month income requirements. If they've an appetite for high end activities, income needs to cover it.
My dad took early retirement at 55 (only 5 years earlier than standard for his company). That enabled him & mum to go to my sis in Spain for months on end to spend time with her boys, travel the country and be active with a few retirement clubs. When my kids came along they were able to come on holiday with us & help out, especially as my son has CP.
Dad's aim was to make it to 80- having started work at 15, he though working for 40 years & 40 years childhood/retirement was a fair payoff. Unfortunately a heart attack out of the blue (no other medical issues, didn't smoke, drink wasn't overweight) at 69 prevented that. If he had stayed in the job he would only have had 9 years retirement. So I suggest if you can make it work, do it.
I got made redundant at 53, 6 years ago which was a relief as the job had totally gone to rats - I’d had 18 months notice it was going so I was spinning my wheels and didn’t have any desire to find another job. A healthy payoff meant I didn’t need to work for 2 years, although I did some part-time work and set-up a small online business. Early 2020 and an IFA confirmed my pensions were OK, so decided to downsize, self-build a smaller house here on Mull and live off the proceeds from house sale + bit of work to keep ticking over until 65. Just to agree with above, in the real world no one gives a shit about what you do, only who you are. <br />I work part-time in a local hardware store/off-license which is the best gig in town - get to shoot the breeze with the tourists and get to know many of the locals. I also print stuff I sell at a local market and to local shops. Income isn’t massive, but enough, house is built and paid for, have a garage full of bikes, a camper van and a kayak - staying fit and active is one of my priorities. When the weather’s good, I head to the hills with my dog. I’ll probably keep working in the shop as it’s such good craic. I know people who have life-threatening conditions in their 50s and will be lucky to make 65.
I wasn’t expecting to retire yet, partly because I didn’t know if I could afford to, partly because I had a job that I was enjoying doing, but I was made redundant in March, so thought I’d at least put in for my state pension and maybe look for a part-time job.
Turns out that working until nearly 69 has brought some benefits, because my state pension was more than I expected, plus shortly after I got a 10.5% increase, along with a lump sum, and I get another 8.5% early in the new year, and all my accumulated workplace pensions and two remaining from six I set up to pay off my mortgage have given me some more lump sums and an annuity that’ll basically give me a final salary pension, and any increase in the state pension in future will help top that up as well.
I’ll be able to afford to take some vacations further afield now, and explore a few places I’ve always wanted to get to, like southern Eire, some of the Scottish islands, get across to America and visit Jo’s sister in New York, and maybe explore Scandinavia a bit too.
It also means I’ve got time to develop my archery several days a week as well, something I could never do before because my hours were all over the place.
For many people stopping working means daytime TV and physical and mental decline.
Tangentially: family friend worked for the highways department all his working life. Up at the crack of down, outside all weathers. He started and retired on the same day as another guy. Family friend went from reffing sports 2 days a week to 4/5 days a week - never been happier and lost a ton of weight. His mate spent six months in front of the TV and karked it. Some people have to stay active.
thecaptain
If you need the job to define your self-worth, then you’d better keep going till you drop.
If you need the job to bring in enough money to live, then you’d better keep going till you’ve saved enough, but at that point you can stop if you want.
^^^ This.
Go do whatever can make you happy. Enjoy as much as you can coz life is short and there is no way of turning back the clock.
I wish I could retire now but career took a dive many years ago and financially not viable. Work hourly to recover and still recovering today. Injuries caused by stress have also affected my health.
My wife and I are both 44, over the last few years we've lost 3 out of 4 parents and the 4th isn't particularly well. We have a 7yr old. It's events like this changes your outlook. I'm in a position now where I could take a promotion, but I struggle to justify it mentally. Why put myself through the extra stress. Seriously considering dropping half a day asap, concerned about the potential impact on pension, but time is the most important thing. I'd happily walk away from working right now if I could.
I really don't get the worried about retiring stuff.
I've kind of retired accidentally.
Got laid off during the covid period and just never felt the need or urge to go back to work.
Got the means to do everything I want without working so I'll just keep going this way for the next few years when I can officially retire.
Work has not been missed one bit.
Time to me is worth so much more than money to waste on stuff I don't need.
Two and a half years ago for me at 60. Never looked back even tho my income is poor. Id had enough
50 in 2024, planning to retire at 60. Mortgage will be paid off by 58 and both kids through uni by 56. Last few years work will be stuffing the money no longer spent on mortgage/uni into pension for the 40% tax relief. We will both have pots between 500-700k and I will have a FS 15k/yr from 60 RAF pension.
Im already 50% part time since covid.
no one gets laid off..."sort the wheat from the chaff" comes to mind...im nearly out. Im retiring july 2025, mortgage paid off, enough money to travel, be warm, set the kids up , eat well and have holidays...51 but would have liked it sooner..
55, two clinical jobs in quite high intensity areas. Have a love/hate relationship with one of them. Probably could retire all together now. So far the love of the job days, fear of "what would I do" and inertia have kept me working four days a week across the two roles.
However the crazy UK taxation rules have tipped the balance.
Time to reduce to 3 days, annulise hours and crack on.
Good luck with your choice.
Its been on my mind as I'm approaching that age. Probably enough in the pension pot for a modest lifestyle. I still enjoy my day job. Its the right level of challenging with plenty of variety. Takes me to interesting places. I'd probably do aspects of it voluntarily when I do retire, so seems daft to retire fully. If I didn't enjoy it I'd be out in a heartbeat.
Sounds like my situation ! The clinical role is love/hate but increasingly the hate is outweighing the love. The inertia I understand, it is sometimes easier to just keep turning up. The IT job showed me how stressful the other job is which is why I think I'll carry on with it.
We're looking at the figures this afternoon but I think my decision is made.
I don't usually reply to anything on STW these days but your situation struck a note with me. I can see that your decision is more difficult than mine as you are loosing the clinical all together. I would also find that difficult. When your job has been a lifetimes vocation, then personally I think there is a little bit more to it, than just loosing a role that defines you. Maybe I'm wrong. I think once I'm out of the love/hate element of my job the only regret will be that I hadn't done it sooner.
I worked far too hard for far too long, it (over) filled my life & had a negative impact on my personal life, so at 52 I decided to close my small company & seek adventure. I was a bit scared & excited at the same time as a life without a 4:45am alarm & a 10 or 12 hour work day seemed completely alien to me. Three years later the company has gone and I'm into my second year of having adventures, experiencing cultures I knew little about and meeting & spending time with some truly incredible people. I have absolutely no regrets.
Every single one of us is different with different needs & wants. If work is important to you then that's great, it really is. I thought work was important but after a lot of soul searching I realised it really wasn't, my sanity & happiness is and doing something that truly stimulates & engages me is the way forward. If you can find people & activities to keep you interested & interesting then you'll have no regrets. Money is an issue but I don't need nearly as much as I thought I did if I make my choices carefully.
OP, good luck with your decision & let us know how you decide to proceed.
It's amazing that some people are able to retire in their early 50's, good financial planning in their early years. Unless I win the lottery I'll retire when I'm 67 but I work from home and still enjoy the challenge.
A couple of my club cycling buddies tell me they sometimes miss work.
It’s amazing that some people are able to retire in their early 50’s, good financial planning in their early years.
Luck is the key element.
Whether that's lucky to have worked for an employer with a DB Pension, got a large inheritance, won lottery/pools, bought a house in the right place at the right time etc etc.
Also don't forget that many who retire young were DINK's with consequently two full incomes for +30 years (and associated pensions).
Also don't forget that folk my age got automatically enrolled into work pensions, and pretty much everywhere had them. I'm nearly 60 and I've 20 years of DB Pensions, along with the rest in DC Pensions - do not underestimate the value of DB Pensions (example, mine all have plus inflation rises every year).
It’s amazing that some people are able to retire in their early 50’s, good financial planning in their early years.
I agree there is an element of luck but mostly the luck is linked to when you were born. And still required a lot of work and/or risk.
What has helped those born (typically) say between 1965 and 1975 now retiring in their late 40s, early 50s is both the sustained growth in property and the stock markets over the past 25 years.
But as I said, luck isn't enough.
Luck is the key element
Luck's a major factor, not having children is another. Two adults earning reasonably over 30 years with only their own outgoings can easily save a packet unless they are very extravagant. When my wife and I lived in Japan we spent roughly half of one of our salaries on our living expenses and certainly felt we were living well. (OK getting the jobs in Japan was a bit of a lucky break but OTOH we did miss out on the UK housing boom as a consequence.)
Of course I'm backdating this to starting in the 1990s (or thereabouts) when houses were still basically affordable. Eg my first flat was under 3x my starting salary (which was nothing special). People starting out now don't have anything like the same level of opportunity.
24th December 2024. That’s me done. All signed off. Started at 16 and was told as a 16 year old apprentice to join the union and the pension scheme. Seemed a long way off then but now looking back…. Will lose 27% of my final salary pension by going at 56 but I don’t care. There’s a lot going at my place and the company are struggling to recruit and realise the experience that’s going out of the door. They are now looking at letting you take your pension but then keep you employed on a part time basis. I’m sure next year is going to fly by.
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Hopefully will drop from FT in my civil service job next autumn at the age of 60, go partially retired. I can readily continue and perhaps even expand with my paid pre hospital care work, as it's very sessional and mostly associated with specific events. I really enjoy the event work and it can be exceptionally challenging at times, so that's likely to keep me interested whilst I run down the 'day job'.
Going part time will mean many more days to enjoy myself, doing tours and trips with the Mrs and having paid handsomely into the CS pension scheme for 36 years already, I can take a significant part of it without penalty at 60, while looking forward to stopping work altogether before long and collecting the rest, plus state pension too.
But it's the time to do things that really matters most...
Will lose 27% of my final salary pension by going at 56 but I don’t care.
But what will be your actual net income once your state pension kicks in?
I watched an interesting video on YouTube recently and he lays this out well, rather than looking at gross income, look at net income. About half way through he talks about the lady taking her work pension early, worth watching.
For me and the OH with a mixture of DC/DB pensions, full state pensions and other incomes we really need to work out the tax implications, and currently both of us will be retired by 60 at the latest.
55 in March, recently split up with my wife and sold the house. Money tied up for 12 months to gain interest and make sure I don't waste it. Planning to hand my notice in to my boss come spring. Plan to head to Europe and non schengen countries to try and stretch out 6 months of exploring. Excited yes, scared yes, but as already said how long have we got? Could be financial suicide, but ***k it!
I retire at the end of May after 46 years continuous employment, albeit with a number of different employers. I will be 62 which is the sweet spot for my DB pension - I will only lose the additional benefits which would have been accrued if I had continued to work until 65.
I have been with my current employer for 33 years and when I joined I made the fortuitous decision to transfer in the various pensions from my previous employers in exchange for a fixed percentage of my final salary.
I can’t wait, bring it on.
Currently 49 but my wife is a few years older and retires today. The question now is how much longer I need to work before I can stop. She has suggested I go part time but that feels like I would be saving less into my pension now and therefore delaying when I can totally stop. Appreciate people posting as it has given me food for thought.
As for part time, that depends a bit on the rota. I wouldn't fancy working 5 half days a week! Bear in mind also the take-home pay may be a lot more than half, for just half the hours. It might be a good bargain to take.
That video ^^^ was a good watch . I was planning on taking a big tax free lump sum when I go, financing the purchase of a small boat for retirement cruising. I’ll have to have a good look at how it will all work tax efficiency wise.
I might watch a few more of his YT videos as he talks sense.
I will be 56 this year, but decided to get out of the corporate life when I was 44 and been working in the field of climate change ever since. Doesn't pay as well and still with three teenage daughters to get through school/Uni, will mean I will have to work longer than anticipated. Probably can't afford to retire to 65, but then my job is incredibly interesting/worthwhile, I get to meet lots of very interesting people and most importantly is flexible enough to help me deal with a variety of health issues I've encountered. I have a colleague still working at 82!
55 here and financially in a good place with savings and pensions but I enjoy my job a good deal, I don’t have much stress and get well paid, so probably working until nearer 60. Well that’s the plan but who knows. A colleague passed away 2 days ago in their late 30’s a couple of weeks after a cancer diagnosis.
That video ^^^ was a good watch . I was planning on taking a big tax free lump sum when I go, financing the purchase of a small boat for retirement cruising. I’ll have to have a good look at how it will all work tax efficiency wise.
I might watch a few more of his YT videos as he talks sense.
Have a play around with his retirement planner, linky below.
I'm currently aiming for 60 (51 now), I've felt it was achievable from my own calculations but playing around with calculators and the planner in the link then we should be better off in retirement than we've ever been prior, although having no dependants (no.1 son finished uni and has settled in nicely with a company who seem to treat him well and enjoys the work, no.2 son currently job hunting) and the mortgage paid off by that time helps considerably 😀
Depending how I feel I might ask to go part time, although quite happy to fully retire if it's not an option. Fortunately I've never had an issue keeping my work and home lives separate and I've always had multiple interests outside work, to the point work gets in the way.
Will have a look at that calculator, looks good.
Many of the various online links suggest a pot in the region of£1M is required for a comfortable life with moderately decent toys.
That seems a pipe dream for many of us, I wonder what a pot of more like half that actually means in reality..
56 and no plans to retire. I could downsize house and take pension now and be reasonably comfortable. I was lucky. Joined a FTSE100 into their DB pension. 22 years in that scheme (before it closed) plus at least 10% into AVCs from the start means that Mrs TiRed and I can have some time off. But I like my job, have a vocation for science and would miss it greatly. I’d also like to do more teaching in academia and some research. But more time to ride would be a nice draw. Son2 is off the payroll and will be well paid after two years of training. Starts in two weeks at EasyJet. Son1 is heading for academia and is midway through a PhD and a lifetime of travelling penury.
I recently just missed a round of redundancy at work, it would have been optimal time to go (paid up pension to 60 taken immediately) but not for my role. I’m not sure I’d have taken it either.
55 next year (2024), mortgage paid off a while ago*.
Been on a 4 day week for 3 years now, initially for "me time" but now needed to support aging parents.
I would prefer to work till 60, both kids through uni, at which point I can take my private pensions with no penalty for about £20k a year. Would also allow MrsMC to drop to 4 days a week now so she can have some "me time", otherwise there is a real risk the effects of her disability will stop her having any kind of enjoyable retirement when she gets there.
If my parents need more support, I can theoretically partially retire at 55 and be no worse off with a three day week and my reduced pension, but I'd sooner they spent my inheritance on any care and support they need - it's their money, not mine.
*lucky to have paid it off, but that luck involved some hard work, some careful budgetting and some big risks.
I'm on the cusp.
I was 60 a few months ago and thought I'd be finished by then. Based on my forecasted pensions and savings, I could finish now and have a comfortable but fairly frugal retirement.
However, I'd really like to do some exploring - Norway/Lofoten, Iceland and Patagonia/Andes are all on my bucket list and I'm pretty sure my income wouldn't cover those sort of places unless I plan on dying early as my savings won't last!
Theoretically, I'd be rich if I could leverage the equity in my house whilst still having somewhere suitable to live. Maybe I could move somewhere much cheaper to live, like Thailand 🤷
Anyway, I'll just keep working on a week to week basis at the moment. I'm bored of work but at least it isn't all-consuming and I won't miss it when I'm finished. In an ideal world, I'd be made redundant with a large payout but I'm not expecting that to happen...
Never understand why more people don’t take a mini retirement or sabbatical in their late 30’s / 40’s while they still have energy.
Horrible to see people work to hit their number and get hit by health issues or death shortly after.
I think about retiring all the time. Not going to happen though, 50 next year. 9 years left on mortgage.
alot of you responding are very lucky. and I'm jealous. I'm looking at dying before retiring.
43 here and my main drive for work is to make sure I retire early. I am very focused on pension contributions but it does bother me this is locked up until 58. As I get closer I’ll focus more on Isa and hopefully bridge over to 58 with using ISA and or low stress job.
That’s the plan anyway but it does concern me I am wishing away the next 10 years.
Silly question and slight hijack, but how is it possible to turn my current £30k pension pot and a few k in an LISA into 500k+ in the next 25-30 years (I’m 32). My wife is in broadly the same situation so we only need to save 50/50 (neither one will need to support the other hopefully).
At the moment we will be mortgage free in our early 50s without any further moves/ upsizing. However our first (and probably only) child will be in her early 20s at the same time, so will likely be supporting her until then as well.
Seems like an insurmountable gap, which means I won’t be retiring pre 70/ state pension if that still exists!
It's mentioned up there^ You need to concentrate on net income not gross and you'll need a lot less of it than you might imagine. When planning, we usually default to 'what I/we earn now plus n% p/a for inflation'. That's simply not true and results in a pot value that is both incredible and often unachievable.
Most of your big costs should be gone: eg kids and mortgage. You'll also find not going to work usually saves you money. Clothes, travel/commuting, food, fancy coffees - these all add up. I'm not suggesting a life of sack cloth and ashes but most people spend a reasonably significant amount just servicing 'work'.
Read Your Money or Your Life for a decent background. I'm not really one for self help books but this one makes a good few points. I read it years ago and it opened my eyes.
Alwillis, throw your figures into a compound interest calculator like this and you might be pleasantly surprised.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
when I was starting out with my pension I was advised to put the money in higher risk funds for the first number of years as the potential returns were greater and seeing as you don’t have a lot of money in the fund at the beginning you don’t have a lot to lose and it can boost your fund in the early years. Some people can be too cautious in the early years. Please note I have no financial qualifications to support this.
Silly question and slight hijack, but how is it possible to turn my current £30k pension pot and a few k in an LISA into 500k+ in the next 25-30 years (I’m 32). My wife is in broadly the same situation so we only need to save 50/50 (neither one will need to support the other hopefully).
Bottom line, earn more so you can put more in - and hopefully your employer (or if self-employed, you) matches.
While we've always both earned good money, and we've also spent it, whether on us or the kids/grandkids - never worried about how we'd manage in retirement EXCEPT we've both always taken full advantage of the pension 'benefits' at all our employers. I reckon if we'd have lived more frugally (or not had kids) we'd have been able to finish years ago, but we're only here once and more than happy with our decisions.
In your case, are you both taking advantage of paying in the most that your employers match?
Also +1 building up both pots, as you're taxed individually - see the YouTube video I posted earlier in the feed.
Wife and I just turned 40. Both in good jobs, no kids living in the NE so relatively cheap. Retirement might not be for a couple of years 😉 but we took the choice to drop hours and do 4 day weeks. Sadly I changed job and went back to 5 but am planning to try my luck again in spring.
I'd recommend it if you can afford it. The 4:3 balance is very different to 5:2. Permanent bank holidays. It didn't cost all that much (40% tax). We made the decision as both our dad's died within 18 months of retiring. Both similar circumstances dying within 6 months of a cancer diagnosis.
There's a lot to be said for not waiting...
Jonba that is a very good point and a few have done this at my work. I will certainly do that at some point probably in around 3-5 years time.
@alwillis also if you haven’t already move your pension to a lower cost passive (assuming you don’t want to play with stocks and shares ) provider such as Vanguard, Fidelity etc. Something simple like a Vanguard Lifestrategy 100 wrapped in one of their retirement bundles (gradually moves shares to safer albeit less aggressive bonds as you approach retirement) and inside a SIPP. <br /><br />
That, maxing out your employers pension contribution - basically free and tax free cash - and an ISA for any spare savings should be most people’s default - IMHO.